Thai One On, a national Thai restaurant chain, expects to see a 15% annual increase in dividends over the next three years. After that, analysts expect dividends to fall to a constant growth rate of 4% thereafter. Thai One On 's last dividend paid was $1.65 per share. Also, since there will be a few more Thai chains popping up shortly, investors see some risk and require an annual return of 13 Based on this information, what is the intrinsic value (current price per share) of Thai One On's stock?
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